New CEO Ron Johnson’s first order of business when taking over was to get rid of sales by introducing everyday lower prices, but soon found the move was getting rid of customers as well.

Since then, the brick-and-mortar retailer has been doing anything possible to stop the bleeding. The free haircut program, which will start up again in November and be free every Sunday, is just the most recent move.

And if the company’s shares are any indication, the moves seem to be working at least to an extent. JCP has gained nearly 30% in the past month, slowing year-to-date losses to under 20%.

The company still has a long way to go in its attempt at a turnaround, though, and faces tough retail competition from all over: Sears (NASDAQ:SHLD), Macy’s (NYSE:M), TJX‘s (NYSE:TJX) T.J. Maxx and Marshalls stores, Ross Stores (NASDAQ:ROST), Target (NYSE:TGT) and even Wal-Mart (NYSE:WMT) are battling for the same penny-pinching customers.

Plus, its latest rally may just be a result of short sellers taking their profits. And if that’s the case, J.C. Penney may need more than a few free haircuts to truly turn things around.
As of this writing, Alyssa Oursler did not own a position in any of the aforementioned securities.